Because MiB is just classic, I think it deserves a setting. Since I'm never going to write a whole setting, I'll just post my basic character creation rules instead:

PCs design a PL 6, 90 pp character. They can't have any powers or devices or equipment.

Once finished, they then add 60pp worth of devices and vehicles.

Removable devices are not worth pp, they are just a power loss complication. Easily removable devices are only worth -1pp/5 pp spent.

For purposes of the purchased devices, the characters offensive Power Level is 12. For purposes of purchased vehicles, the vehicles are both offensively and defensively power level 10.

The PCs also have a headquarters that is PL 12.

This would be a world saviour game, with PCs expected to solve problems on opposite sides of the globe simultaneously.

It would match the movies in tone - humorous, over the top, action filled, pg, and with a very low lethal setting - any and all injuries, both of PCs, important NPCs, and random mooks, would be recoverable, usually in just a few moments off scene.